Mobile Telecommunications Co., Kuwait’s biggest phone operator known as Zain, posted a fivefold rise in full-year profit on gains from selling most of its African operations and adding customers.
Net income climbed to 1.06 billion dinars ($3.8 billion), or 275 fils a share, from 195 million dinars a year earlier, Zain said today in an e-mailed statement.
Profit included a 770.3 million-dinar capital gain from the sale of Zain’s African assets, excluding Morocco and Sudan, to Bharti Airtel Ltd. (BHARTI), India’s largest wireless carrier, for $9 billion in June. Customer numbers rose 23 percent to 37.2 million, Zain said.
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